LONDON, Nov. 15, 2016 /PRNewswire/ -- "The transformer monitoring system market is projected to grow at a CAGR of 12.77% from 2016 to 2021"

The transformer monitoring system market is projected to reach USD 2.68 billion by 2021, growing at a CAGR of 12.77% from 2016 to 2021. The usage of transformer monitoring systems is based on different working conditions, such as power ratings, loading conditions, and areas of applications. Digitalization of utilities, renewable investments, and smart grid initiatives are expected to drive the transformer monitoring system market. Cost barriers is a restraint for established transformer monitoring system manufacturers.

"The power transformer segment is expected to grow at the fastest CAGR from 2016 to 2021"Power transformer is the largest segment, based on application, of the transformer monitoring system market. This share is attributed to government regulations targeting the monitoring and control of transmission networks. Remote monitoring is also a key focus area in most countries, which is driving the market.

"Asia-Pacific: The largest market for transformer monitoring system"In this report, the transformer monitoring system market has been analyzed with respect to six regions, namely, North America, Europe, Asia-Pacific, South America, the Middle East, and Africa. Asia-Pacific is expected to be the largest market for transformer monitoring solutions; the region has the most number of developing economies with high capacity addition planned during the forecast period. Utilities are expected to adopt monitoring solutions as a part of their plans for installing new transformers. Moreover, countries such as India and China have invested highly in smart grids, in turn boosting the demand for transformer monitoring solutions.

Breakdown of Primaries:In-depth interviews have been conducted with various key industry participants, subject matter experts, C-level executives of key market players, and industry consultants, among other experts, to obtain and verify critical qualitative and quantitative information as well as to assess future market prospects. The distribution of primary interviews is as follows:

Note: The tier of the companies has been defined on the basis of their total revenue, as of 2015: Tier 1 = >USD 20 billion, Tier 2 = From USD 10 billion to USD 20 billion, and Tier 3 = The leading players in the transformer monitoring system market include ABB Ltd. (Switzerland), Eaton Corporation Plc. (Ireland), General Electric (U.S.), Schneider Electric (France), and Siemens AG (Germany).

Research Coverage:The report provides a picture on transformer monitoring system across different industry verticals and regions. It aims at estimating the market size and future growth potential of this market across different segments such as type, application, service, and region. Furthermore, the report also includes an in-depth competitive analysis of the key players in the market along with their company profiles, SWOT analysis, recent developments, and key market strategies.

Why buy this report? 1. The report identifies and addresses key markets for transformer monitoring system market, which is useful for suppliers to review the growth in demand for the product.2. The report helps solution providers to understand the pulse of the market and provides insights on drivers, restraints, and challenges. 3. The report will help key players to better understand the competition's strategies and will help in making strategic decisions.